Saudi’s ACWA Power signs $100mln agreements for hydrogen, power purchase

Saudi Arabia’s ACWA Power, partly owned by the Public Investment Fund (PIF), has signed hydrogen and power purchase agreements worth $100 million with Uzbekistan’s state-owned Uzkemyoasat and the National Power Grid of Uzbekistan.

The hydrogen offtake capacity will be 3,000 tonnes per year, while renewable capacity will range from 52-100 megawatts (MW), the company said in a statement to the Saudi stock exchange on Thursday.

The hydrogen and power purchase agreements will be valid for 15 and 25 years, respectively.

The statement said the contract includes the project’s development, construction and operation.

In March, ACWA Power signed ;three ;power purchase agreements and investment agreements with Uzbekistan to develop solar and battery storage projects with a combined value of $2.5 billion.

(Writing by D Madhura; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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